Naspers (NPSN) today confirmed a change to the timetable regarding its intention to list a new global consumer internet group (NewCo) comprising its international internet assets on Euronext Amsterdam with a secondary, inward listing on the JSE.
The Extraordinary General Meeting (EGM), which was convened by an EGM circular published on 29 May 2019 and scheduled for Friday 28 June, has been cancelled. Instead, shareholders will be asked to consider the listing and vote on the resolution to proceed with the listing at an EGM, which will immediately follow the Naspers AGM in Cape Town on Friday 23 August.
Reason for delay
An administrative error by an external service provider has resulted in certain of the copies of the circular delivered to shareholders being incorrectly labelled. The service provider concerned has advised Naspers that the error occurred in pairing the names and addresses of some shareholders for purposes of printing labels on the envelopes in which the physical copies of the circular were delivered to certain shareholders. This meant that some circulars were sent to the correct addresses of the affected shareholders, but that incorrect names appeared on these envelopes (i.e. the name and address did not match). This could in some cases lead to confusion.
So as to allow all shareholders equal opportunity to fully consider the circular and resolution, the board has decided to withdraw the notice of the general meeting and consequently cancel the general meeting to which the notice related. The new general meeting of shareholders to consider the proposed transaction will now be held on the same date as the Naspers annual general meeting, scheduled for Friday 23 August 2019.
Naspers will keep shareholders updated in relation to the revised timetable for implementation of the proposed transaction. Subject to the valid adoption of the resolution required, Naspers expects the proposed transaction to be implemented in September 2019.
Naspers Board Recommendation
The Naspers board remains fully supportive of the proposed transaction and the potential benefits that could be realised by forming and listing a new, global consumer internet group on Euronext Amsterdam, with a secondary, inward listing on the JSE.
Full details of the proposed listing are at www.newglobaltechgroup.com
Naspers is a global consumer internet group and one of the largest technology investors in the world. Operating and investing in countries and markets across the world with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. Central and Eastern Europe, Africa, the Americas and Asia in sectors including online classifieds, payments and fintech, food delivery, travel, education, health, and social and internet platforms.
Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, BYJU’S, Codecademy, eMAG, Honor, ibibo, iFood, letgo, Media24, Movile, OLX, PayU, SimilarWeb, Swiggy, Takealot, and Udemy.
Similarly, hundreds of millions of people have made the platforms of its associates a part of their daily lives: Tencent (www.tencent.com; SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL), MakeMyTrip Limited (www.makemytrip.com; NASDAQ:MMYT) and DeliveryHero (www.deliveryhero.com; Xetra: DHER)
Today, Naspers companies and associates help improve the lives of around a fifth of the world’s population. Naspers actively searches for new opportunities to partner exceptional entrepreneurs who are using technology to address big societal needs.
Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN).
For more information, please visit www.naspers.com.